Chapter 1 Flashcards
It is an organization of CPAs who are employed in
learning institutions and review centers as accounting
professors or reviewers.
NACPAE
The principle that requires assets to be recorded
initially at original acquisition cost.
Cost Principle
The body that is authorized by law to promulgate
rules and regulations affecting the practice of
accountancy profession in the Philippines.
-BOA
The language of business.
-ACCOUNTING
An organization of CPAs who perform auditing,
taxation or management advisory services.
ACPAPP
The technical component of accounting.
-MEASURING
An accounting principle which means expense is
recognized when incurred regardless of when paid.
-ACCRUAL
Users of financial information who are interested in
the information that enables them to determine
whether their loans as well as the related interest can
be collected by them when due.
-CREDITORS
Users of financial information to help them determine
whether they should buy, hold or sell their
investments.
-INVESTORS
Its main function is to establish and improve
accounting standards that will be generally accepted
in the Philippines.
–FRSC
t/f
A cooperative has perpetual life and limited liability.
F
T/F
An auditor of Commission of Audit is engaged in
public accounting.
F
T/F
The three main areas in the practice of the
accountancy profession are auditing, managerial and
corporate accounting.
F
T/F
FRSC is composed of 15 members headed by a director.
F
T/F
Accounting is the same as bookkeeping.
F
